This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BBVA May Hire 1,000 in U.S., LatAm Push

NEW YORK ( TheStreet) -- Spanish banking powerhouse Banco Bilbao Vizcaya Argentaria SA (BFR - Get Report) (BBVA) is reportedly planning to expand its investment banking presence in the United States and Latin America.

The second largest bank in Spain by assets, BBVA could hire over 1,000 investment banking professionals across sales, trading and asset management over the next three years, according to an article in the Wall Street Journal. The bank will focus on fixed income, commodities and merger advisory services, with a special focus on Latin America and Asia-led deals.

According to the article, the bank will spend approximately $557.2 million ( ¿400 million) to create a technology platform to support the expansion efforts and an "unspecified amount" for hiring investment banking professionals. BBVA's current investment banking staff includes 4,000 employees in 27 countries, the Journal said.

Speculation has been growing for several months that European banks, emboldened by the weakness of their U.S. counterparts, would use the financial crisis as an opportunity to expand in the lucrative investment banking business.

During the summer Banco Santander (STD) held discussions with Buffalo, N.Y-based M&T Bank (MTB - Get Report). Those discussions eventually fell through, but fueled further industry speculation that European banks with relatively healthy balance sheets would look to create a U.S. foothold.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BFR $20.60 -2.14%
MTB $119.61 -0.48%
AAPL $130.28 0.47%
FB $81.53 -1.07%
GOOG $565.06 3.30%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs